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Universal Time Preference
In: Swiss Finance Institute Research Paper No. 21-53
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Working paper
Positive Time Preference
In: Journal of political economy, Band 89, Heft 1, S. 1-25
ISSN: 1537-534X
Positive time preference
In: Journal of political economy, Band 89, Heft 1, S. 1-25
ISSN: 0022-3808
World Affairs Online
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Comment on "Risk Preferences Are Not Time Preferences": Separating Risk and Time Preference
In: American economic review, Band 105, Heft 7, S. 2272-2286
ISSN: 1944-7981
Andreoni and Sprenger (2012a,b) observe that utility functions are distinct for risk and time preferences, and show that their findings are consistent with a preference for certainty. We revisit this question in an enriched experimental setting in which subjects make intertemporal decisions under different risk conditions. The observed choice behavior supports a separation between risk attitude and intertemporal substitution rather than a preference for certainty. We further show that several models, including Epstein and Zin (1989); Chew and Epstein (1990); and Halevy (2008) exhibit such a separation and can account for the overall experimental findings. (JEL C91, D81, D91)
Risk Preferences Are Not Time Preferences
In: American economic review, Band 102, Heft 7, S. 3357-3376
ISSN: 1944-7981
Risk and time are intertwined. The present is known while the future is inherently risky. This is problematic when studying time preferences since uncontrolled risk can generate apparently present-biased behavior. We systematically manipulate risk in an intertemporal choice experiment. Discounted expected utility performs well with risk, but when certainty is added common ratio predictions fail sharply. The data cannot be explained by prospect theory, hyperbolic discounting, or preferences for resolution of uncertainty, but seem consistent with a direct preference for certainty. The data suggest strongly a difference between risk and time preferences. (JEL C91 D81 D91)
On Negative Time Preference
Survey data show that subjects positively discount both gains and losses but discount gains more heavily than losses. This holds for monetary and non-monetary outcomes.
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Eliciting Utility Curvature in Time Preference
In: IZA Discussion Paper No. 12535
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